PVTIME - JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its board of directors ("Board") has approved a share repurchase program, which authorizes the Company to repurchase up to US$200 million of its ordinary shares represented by American depositary shares ("ADSs") during an 18-month period.
The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices in open-market transactions, privately negotiated transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Exchange Act, as well as JinkoSolar's insider trading policy. JinkoSolar plans to use its existing funds to fund repurchases made under the share repurchase program.
Mr. Xiande Li, JinkoSolar's Chairman of the Board and Chief Executive Officer, commented, "This share repurchase program reflects our strong confidence in our future prospects. Our sustained investments in technology and product leadership, industry-leading integrated capacity structure and global infrastructure have ideally positioned us to benefit from the enormous growth opportunities this sector continues to generate. We are committed to creating sustainable value for our shareholders."